In mid-March, the housing market saw a steep decline in buyer traffic and showings. This rapid shift in the business caused great uncertainty about what the near future would look like for real estate. However in recent weeks, we have seen initial positive signs that buyers are returning to the market and in need of listings to view.
According to a report from Zillow, web traffic to for-sale listings online has risen to levels comparable to past spring markets. Showings are picking up as well.
ShowingTime recently published that scheduled showings, both virtual and in-person, have been increasing week-over-week since mid-April. This rebound is a 39% growth from the decline two weeks prior. You can find your state-specific data on their site, as well.
In a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. They’re less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days.
As an agent, and a trusted advisor, we make sure clients are informed about the current market conditions, the virtual practices that will ensure a safe process, and the digital game plan we have to effectively sell their home.
Michael Lane of ShowingTime notes:
“We’re seeing innovation coming out of pain, as agents have quickly embraced virtual showings to keep their business going…More and more virtual showings are scheduled every day through our systems, signaling that many markets are responding to this innovation positively.”
In a new era of life where things are shifting quickly, opening our doors up to virtual approaches is critical when it comes to helping our clients buy and sell homes. And with buyer demand increasing, the opportunity is here to bring new listings to the market.